March 2008/1

Property damage from the earthquake that hit the UK on 27 February is likely to cause insured losses of between £15-30mn, according to initial estimates by Risk Management Solutions (RMS).

Omega Insurance Holdings Ltd Lloyd's Syndicate 958 has withstood the impact of hurricanes Katrina Wilma and Rita to post a profit for 2005, maintaining its pedigree of a pure underwriting profit in every year it has traded since its launch in 1980.

Amlin reinforced its position as a leader among the quoted Lloyd's insurers with "record" results that included a 30 percent leap in pre-tax profits to £445mn and a lowly 63 percent combined ratio.

UK general insurer Royal & Sun Alliance (RSA) bounced back to a profit of £638mn for 2007 despite taking a hit from last summer's UK floods.

Warren Buffett, the chairman and CEO of Berkshire Hathaway Inc, has warned insurers that the party is over and tougher times lie ahead regardless of what the weather does this year.

The dramatic lowering of SCA’s rating by Standard & Poor's (S&P) last week from AAA to A- was part of a series of actions by the ratings agency on the troubled bond insurance sector, which has been beset by sub-prime related losses.

The appointment of Peter Zaffino as CEO and Britt Newhouse as chairman at Guy Carpenter marks a statement of intent by Brian Duperreault as he seeks to gather his senior lieutenants around him in New York...

Shares in American International Group (AIG) closed down 6.56 percent on Friday after the US insurance giant announced the biggest quarterly loss in its history driven by a $11.12bn pre-tax writedown in its financial products division, AIGFP.

The Port Authority of New York and New Jersey’s claims stemming from 9/11 will be restricted to two buildings a judge has ruled.

Swiss reinsurer Glacier Re continued to grow in 2007 with an increase in premiums and the launch of its first securitisation.

(Re)insurance broker Willis Group Holdings has extended the contract of its chairman and CEO, Joe Plumeri, until 2011 as well as making a number of changes to its senior management.

London market broker Glencairn dragged the 2007 earnings of parent US broker Hilb Rogal & Hobbs' (HRH) down by $0.11 per share, it was revealed last week.